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2009 (4) TMI 154 - HC - Income TaxPenalty for concealment of income – rejection of sundry creditors - The Assessing Officer brought to tax the sundry creditors under Section 41(1) of the Act and initiated penalty proceedings under section 271(1)(c) of the Act. The Assessing Officer, after considering the reply of the assessee dated 02.02.2006, rejected the plea of the assessee that the additional income was offered voluntarily in order to buy peace and should not be construed as concealment of income and or furnishing of inaccurate particulars of income. – held that - the assessee's attitude before the officer is inconsistent and even the inconsistent stand could not be established with the supportive evidence or materials - penalty under section 271(1)(c) of the Act is attracted in this case
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